Skip to main content
9:20 am
>> i feel good, i feel healthy. ♪ i feel good ♪ >> i can't believe you did that twice like it wasn't lame enough the first time. >> i was going to say-- >> in case you didn't miss it. >> proving if it doesn't work at 7:15. imus: it doesn't work at 9:15. warner: and sal and james madison-- i don't feel good. changed the rule for the nfl no more bogus tom brady tuck rule. that's gone and jim swartz rule is gone where he was penalized for a challenge during a view in play. and no longer can running backs just dip their head and use the crown of their helmet. i tell you who disagrees with that, emmitt smith. >> the same story they had last year. warner: come on, man. >> this has to be one of the most absurd rules i've heard in a long time in the game of football. what you will start seeing is guys running out of bounds. warner: your guy jim brown said,
9:21 am
no, i think it's a good rule, i never used my head. [laughter] >> jim will be out at the hall of fame game. 9, 18 after the hour in canton, ohio. and a celebration. he's going to throw out the first one. warner: if it works at 7:15. imus: eddie money. ♪ baby hold on to me, whatever will be, will be ♪ ♪ the future is ours to see ♪ ♪ so baby hold on to me ♪ ♪ baby ♪ ♪ ♪
9:22 am
♪ ♪ imus in the morning ♪ >> oh, yes, we are living in a bailout world, everybody's at it. good morning, everyone. ben bernanke will keep printing to bail out barack obama's weak economy. and print as many yen as it takes to bail out japan. the markets truly love it. europe is the odd man out. they've given ultimatum to cyprus, no bailout if you can't
9:23 am
get it together by next tuesday. here is something else to get you fired up. cyprus wants to nationallize y payshun money. "varney & company" is about to begin. [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futureses move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. all on thinkorswim. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one.
9:24 am
standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers.
9:25 am
>> thursday, march 21st. m headline today, ben bernanke keeps printing money. the markets love it even though debt keeps rising. the pulse of the nation. three polls from fox news, start with this, when asked about the national debt 68% of voters describe it as an immediate problem. the president and speaker boehner think otherwise. only 4% said not a problem. and 85% said the federal government should balance the budget just like the average american family. and when asked about the economy, 65% said they have a
9:26 am
nervous feeling about the future. only 28% expressed some confidence. but it doesn't seem like washington is listening to all of this. still no budget from the president, spending keeps going up. don't worry though, ben bernanke, as he said yesterday will keep printing. he didn't say in so many words, but he's going to keep printing and the markets are rallying on that news. so we have news this morning on cyprus, it may nationalize private pension money and also, look at this, please. an illegal pot business, that's booming in colorado and washington state and some call it the modern gold rush. coming up at 10:45 this morning, one woman who is cashing in big. her nickname is the martha stewart of marijuana, what she calls herself pushing herself into the legal weed business. that's coming up in our next hour. here we go, markets open in just a couple of minutes. will we hit another all-time high on the dow jones industrial
9:27 am
average today. the opening bell next.
9:28 am
>> announcer: you never know when, but thieves can steal your identity and turn your life upside down. >> hi. >> hi. you know, i can save you 15% today if you open up a charge card account with us. >> you just read my mind. >> announcer: just one little piece of information and they can open bogus accounts, stealing your credit, your money and ruining your reputation.
9:29 am
that's why you need lifelock to relentlsly protect what matters most... [beeping...] helping stop crooks before your identity is attacked. and now you can have the most comprehensive identity theft protection available today... lifelock ultimate. so for protection you just can't get anywhere else, get lifelock ultimate. >> i didn't know how serious identity theft was until i lost my credit and eventually i lost my home. >> announcer: credit monitoring is not enough, because it tells you after the fact, sometimes as much as 30 days later. with lifelock, as soon as our network spots a threat to your identity, you'll get a proactive risk alert, protecting you before you become a victim. >> identity theft was a huge, huge problem for me and it's gone away because of lifelock. >> announcer: while no one can stop all identity theft, if criminals do steal your information, lifelock will help fix it, with our $1 million service guarantee. don't wait until you become the next victim. you have so much to protect
9:30 am
and nothg to lose when you call lifelock now to get two full months of identity theft protection risk free. that's right, 60 days risk-free. use promo code: gethelp. if you're not completely satisfied, notify lifelock and you won't pay a cent. order now and also get this shredder to keep your documents out of the wrong hands-- a $29 dollar value, free. t protected now. call the number on your screen or go to to try lifelock protection risk free for a full 60 days. use promo code: gethelp. plus get this document shredder free-- but only if you act right now. call the number on your screen now! >> and good morning, again, everyone, tuesday morning. yesterday, we heard-- no, it's thursday morning, i'm sorry. yesterday we heard from ben bernanke, na, he's going to keep printing and the markets appear to love it. ed butowsky is here before the
9:31 am
opening bell. i don't care whether you like it or not. conventional wisdom is that the market went straight up because ben is printing. >> the printing of money, you've seen trend followers and there are real earnings behind the stock market right now, but the printing of money is having these trend following computer programs kick the market higher. they hear it's going to stop. you can see stock prices drop in the short run. >> that's the story, ben printing, that's the story of the moment and today and a story next week. >> right, don't let that belie the fact there are earnings, stocks are the cheapest they've been in 1980. >> we promise to get to that. thanks very much, ed. all right, when we open up this market, literally in 50 seconds, 40 seconds time. we're going to see the dow move down maybe 20 points, that's what the futures indicators are: and i want you to remember in the background there's an ultimatum to cyprus, get your
9:32 am
act together by monday or you don't get a bailout. and in the cypriot parliament they're discussing the seizure of private pension funds and does that send a shiver done your back? it does to some people. we're going to be down about 20, 25 points and remember, we were up yesterday because ben said-- he didn't in so many words, you've got to read between the lines, he's going to keep printing, like it or not. let's check the big board as we get into the trading session. the opening indicators suggest we're down and continue to move lower. less money-- here is a big stock, big name, we've got to concentrate on that just in the early going, oracle, less money coming in and nicole, i think that stock is way down, right? >> that's right, down about 8 1/2% and the numbers disappointing to wall street. and you can see it's under pressure and now you have a lot of of analysts jumping on board.
9:33 am
it was downgraded, but what's interesting, you have two analysts, wells fargo saying that the shares should be bought on weakness and merrill lynch saying a weakness is a buying opportunity a $38 price target. we notice we see oracle under pressure and-- >> under pressure? under pressure? >> 8 1/2%. nicole: major, major. stuart: that's a selloff. and look at this, we're down much more than 25 points, i thought that's what we'd be down in the early going, no, down 63. maybe that ultimatum to cyprus has something to do with it, we will a find out in just a moment. let's get down to ed for a moment. the national debt. 16.7 trillion dollars now. and you think that this debt. this huge debt is a problem now. that it's an immediate problem. the president doesn't agree with you. speaker boehner doesn't think. >> the speaker and president
9:34 am
should listen to me. stuart: do we have an ego, ed butowsky? >> it's insane to think this is not a problem today. let's look at this. right now we're short a trillion dollars every single year and then we are short on our debt about 500 billion dollars that we have to pay. where is that money going to come from? what do they do, they print money. when they print money, stuart, we devalue our currency. when we devalue our currency makes the items we use every day more expensive. stuart: hold on a second, you can't say that debt is an immediate problem, hurting us today. we don't have inflation and we've got a stock market at a record high. how can you say-- how can you link a debt of 16.7 trillion to an immediate problem that we're hurting-- that's hurting us now? >> very easily. it's hurting us, the interest on the debt when you print money it slows the economy down. you have very high unemployment, which we do. you have the lower wages, we have disastrous economy and a lot of it is a dotted line back to our debt today because of the
9:35 am
printing of money. and stuart, important point. we use about 70% of what we use comes from outside of our borders, when that happens, it costs more money. why do you think that gas prices are higher and companies are earning less in terms of top line revenue. oracle's numbers, they missed the top line revenue is the problem. the ceo a doing is good job. cfo is doing is good job. we're devaluing because we're printing money today. stuart: you think a direct ling between 16 trillion and rising high unemployment and sluggish economy is hurting us today. >> absolutely no question. it's not a ticking time bomb that's going to get us later, that's going to happen, but it's right now, people are feeling it every single day. stuart: all right. forcefully expressed opinion from ed butowsky, come back soon. we appreciate it. >> thank you. stuart: congress wants to head out of town, get out of dodge for the spring break. the senate passed a bill last
9:36 am
night that will keep the government running through september. the continuing resolution, that's what it's called, heads to the house for a vote today. if passed it goes to the president's desk and i don't know whether he'll sign it, he probably will and that will be just before congress heads home for easter, here we go again, everybody, we don't run out of money, we don't close up shop in d.c., no, it's the new national sport, it's called can kicking and looks like we're going to do it again. back to nicole, cisco, another big name stock and it's down sharply. what's going on there? >> all right, i'm laughing at your joke about the new national sport, can kicking. let's talk about this 'cause cisco systems, down about 3%, it's down today, 63 points today. today, cisco systems was downgraded at sbr capital. cut from underperform to market perform and lowered the price target $17 from $22. on the dow jones industrial average only two names are actually in the green today.
9:37 am
wal-mart and boeing. everything else is red, stuart, and led by the number one loser cisco systems. stuart: thanks, nicole. maybe the dow is so much lower because i've got to say that the bailout situation in cyprus continues to unravel. european central bank has given the country about four days, get your act together or you don't get any kind of bailout money and it seems to be that vladimir putin and the russian mob, those guys against angela merkel and the germans, that seems to be setting up shop there. kristin joins us. do you have some experience in this area? >> a little bit. and you look the at the way that russia promotes interest around the world and we see this in cyprus. cyprus made a decision in the '90s, a communist pro russian money a lot of illicit money.
9:38 am
stuart: russian mob money. >> and russian tax money. stuart: i was going to ask, this mob they have taken, somehow siphoned money off the russians. when i think of mob i think of prostitution and illegal gambling. in russia, it's siphoning off money. >> yes, you have magnates that don't want irs scrutiny, swiss scrutiny, cyprus is the place to go. it's not just traditional mobsters, there's a nexis in moscow between putin's russia between the officials and corrupt individuals. stuart: go on and say it, is putin pals with the mob? >> you would think he wouldn't mind. if people who are skirting russian taxes, hiding money in cyprus were getting a 10% haircut, you'd think he wouldn't mind, but he's upset and the cypriot foreign minister is grovelling. >> and here you say they're
9:39 am
saying they're going to grab some of the mob money, the germans told them to do that. >> that's right, angela merkel saying, eat your vegetables, beyond keynesian, a money grab. and ecb and imf as well all of these bad actors. >> you've got cyprus playing off the russian mob and angela merkel of germany, that's basically the way it works. >> cyprus made trade the mineral rights in exchanning. but they don't want to kick anyone out of the euro zone. stuart: if push comes to shove do you think that angle merkel will relent to say keep the russians out and keep it off cypriot oil and gas, we'll give you more bailout money. >> i think something happens. a disaster on monday when banks open, even if it's off the table, average cypriots or russian mobsters realize they know longer have the haven in
9:40 am
cyprus they thought. so this has the probability of basically bringing the entire european crisis back to the fore, back to the front page, the progress such as it is, gone. stuart: i think it has, and i think that's part of the reason the dow is down 67 points and i think that cyprus could be the first country to leave the euro regardless what the russians or the euro do. >> they ran up a credit card bill and now they need to pay the price. stuart: christian, thank you for joining us. >> thank you, stuart. stuart: at the top of the hour, we've got this story for you. cvs, you know them, they're on every corner in florida, they charge worker a fee, how much they weigh or if they smoke could cost some employees $600 a year. question, does cvs have the rate to know this information and put the people on the scale?
9:41 am
it's a clear invasion of privacy. of course you know that judge andrew napolitano is going to be on that story, 10:03 precisely, we want to hear from you, of course, send your e-mails to thursday morning, 7 early movers, here we go. let's start with profits down, flat, actually and software maker oracle, that's down 8, a drop and a half. and disappointing forecast from the closing company, clothing company, guess. and lululemon expects the first quarter to be down because of the recall of the see-through pants and lululemon holding up at $63 bucks a share. and do you have a toomey luggage. 6%. j.c. penney says its annual report that a turn around could take more time than expected. and it will be expensive. and j.c. penney at 15. boeing plans to conduct two test flights of its reworked 787
9:42 am
battery system, maybe the end of this week, maybe over the weekend. and boeing is now at 85. visa may impose a fee on digital wallet operators like paypal following rival mastercard. visa dead flat on that one. in the early going, there you have it. 14,451 is where we are. all right, what's next? the price of oil. we're at $92 per barrel. we're down 63 cents and here is a question for you. is college worth it? going into tens of thousands of dollars worth of debt for a degree with no guarantee of employment? i say no, it's not worth it for many youngsters, i say it's a lousy deal. does john stossel agree with me? he's next. ♪ you make me want to shout ♪ ♪ throw my hands up and come on now ♪ ♪ don't forget to say you will ♪ (announcer) scottrade knows oure
9:43 am
and invest their own way. wi scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade. voted "best investment services mpany." ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... we're not simply saluting history... we're maki it.
9:44 am
all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at we put the law on your side. ♪ [ male announcer ] it was designed to escape the ordinary. it feels like it can escape gravity. ♪ the 2013 c-class coupe. ♪ starting at $37,800. ♪ imus:. stuart:. imus:
9:45 am
9:46 am
9:47 am
>> maybe it's cyprus running out of time to get a bailout deal together, but the dow is down 65 as we speak. now, here is the question of the day, do all students really need a college education? are all kids suited to college? john stossel, host of "stossel" here on the fox business network and he's with us this morning. john, i'm going to start out with some opinion. it's an article of faith in america everybody should go to college because that's the way you get the best jobs. i disagree, i don't think everybody should go and don't think that everybody gets the best jobs if they go to college. >> a rare occasion we agree. it's an article of faith and it's wrong for kids, many too many kids go, they're deep in debt. 70% of bar tenders have degrees now. a lot of these jobs don't need college. stuart: 70%? where did you get that from? >> i don't know, we dig up the
9:48 am
statistics. 15% of taxi drivers, 17% of baggage porters. and it's become this thing you say, the average college graduate, and this is true, makes a million dollars over a lifetime. stuart: more than a nongraduate. >> right, and the politicians cite this statistics, it's true, but totally misleading because the kind of kids who go to college in the first place were already more organized, more likely to have two parents, more motivated and probably would have made a million dollars more even if they didn't go to college. stuart: i think that part of this is an economic argument. i want to put up on the screen for a second a chart. the lower line is a rate of inflation, the upper line is a cost of tuition. they're totally out of whack and diverging for years and years and years. it's a bad economic deal for many, many people. that's my position. >> and think about the numbers again. inflation has been about 100% over that period and college is up-- health care, we're upset about that, increased 200% college,
9:49 am
400% because federal and state governments keep saying, here, more loans, go to college. everybody has to go to college. there's-- nobody shops for a price when they look at a college and the colleges have no incentive to he economize. stuart: what percentage of young students, turn 1, what percentage do you think are suited for college and should go to college? >> 30%. stuart: 30? >> i went to princeton, i was not suited. i sat through tedious classes i would have learned much more on the job and i did when i finally got a broadcasting job. i learned much more. stuart: i was a student in london, we could never understand why all americans thought you've got to go to college. everybody's got to go to college, everybody is suited. now, i was coming from a very elitist point of view. we always thought that you educate an intellectual elite. that is an elitist point of view very contrary to the american point of view. what do you say? >> i say you're right in this
9:50 am
case. you were wrong last time when you people said you couldn't understand why we wanted independence and time of the revolutionary war, presumably you weren't there then, but about college, you're right, yes. stuart: i'm right. shall we end it on that note. >> yes. stuart: let hae give a promo to your show since we agree. >> we do, all college students and one of the alternatives to college. stuart: that's interesting, i will watch nine o'clock tonight, thursday, fox business network and the show is called stossel. john, thanks very much indeed. 9:48 eastern. where is the price of gold. 1,611 per ounce as the dow drops 56. and there's been a lot of extreme weather lightly, see you felt it, hurricane sandy, tornados, the drought across the midwest, what's to blame? who is-- well, of course, of course the national weather service rounds up the issue suspects. now that. >> excellent, young man. >> and elizabeth mcdonald and
9:51 am
charles payne are next. ♪
9:52 am
9:53 am
9:54 am
>> the national weather service
9:55 am
director says the extreme weather, like hurricane sandy, deadly tornados, big flooding in parts of the midwest, et cetera, all linked in part to climate change. saying, quote, making it more likely that the storms are more intense and produce heavier precipitation. all right, charles? >> yeah, listen, i don't care about that part except for the the next part, this is what it feels likes when i hear from the administration, what's the next part? here is the real deal. i've been studying the stuff and amateur. the earth starting warming about 8,000 years ago, and hugely beneficial for mankind. came out of caves and learned how to develop agriculture, build bricks and progression when the last 8,000 years when the warm earned up. people who believe it's 3, 4, 5 million years old. that's not a blip, not a second in the timeline of this planet. are you going to contest the
9:56 am
storms we've had are linked to climate warming? >> i would. stuart: you would contest that. >> i'm saying we don't know the concensus is there is no concensus, lindsey graham and joe lieberman are questioning it, think it's happening. i'm not sure, i don't know if we're loading the dice or not with climate change. >> here is what i know. >> i'm just a journalist trying to read the studies like everybody else, the problem both sides of the aisle bully each other trying to get them to agree to their own conclusion and we need rational clearheaded debate. >> hurricane sandy smashed into the coastline of new jersey where a lot more people live today than 50 years ago or 60 years ago. >> and we're talking about the frequency. >> didn't even exist 30 years ago-- >> we're talking about the frequency and we don't know what's going on with the weather system. volcanos threw up a lot of dust in the atmosphere and meteors when they hit through up a lot of dust and we don't know if that caused a little ice age, we don't know, but the measuring systems are getting better, so
9:57 am
is that also jimmying the data toward global warming happening? we don't know. >> but we're being set up, you know. >> and i think we're he set up, a carbon tax. >> for a carbon tax to hit us in the wallet and no doubt this is a setup and i would argue that global warming has been great for mankind and i don't think it would be an absolute disaster, i think would open up a whole lot of places on this planet where you can't get oil now, you can't plant food right now and lots of parts of this world and people fish where they couldn't. >> a carbon tax would be hideous for mankind, let's put it that way. you're right. move on the dow jones industrial average is down 56 as we approach the 25 minute mark of trading thus far this thursday morning. i think, i think that's got a lot to do with cyprus because they're in even more trouble than we thought. they're down 60. we brought you the numbers at the he top of the hour, top of the show, voters are becoming more and more concerned about the economy, and about debt and about the budget. and washington still not doing anything, not the getting anything done.
9:58 am
you'll get my take on what's happening with the economy and your view of the economy just a couple of minutes, by the way, breaking news on the housing market as well. exissing homes sales coming out at the top of the hour and this really is the largest slice of the real estate market, and you have to ask the question, is the housing recovery for real, still in place? that's next.
9:59 am
today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? let's go ahead and bring it online. attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines are now powering some of america's biggt cities. siemens. answers. ♪
10:00 am
your finances can't manage themselves, but that doesn't mean they won't try. bring all your finances together with the help of the one person who can, a certified financial planner professional. cfp -- let's make a plan. given way to sleeping. tossing and turning have where sleepless nights yield to restful sleep, and lunesta eszopiclone can help you get there, like it has for so many people before. do not take lunesta if you are allergic to anything in it. when taking lunesta, don't drive or operate machinery until you feel fullywake. walking, eating, driving or engaging in other activities while asleep without remembering it the next day have been reported. lunesta should not be taken together with alcohol. abnormal behaviors may include, hallucinations or confusion. in depressed patients, worsening of depression, including risk of suicide, may occur. alcohol may increase these risks. allergic reactions such as tongue or throat swelling
10:01 am
occur rarely and may be fatal. side effects may include unpleasa taste, headache, dizziness and morning drowsiness. ask your doctor if lunesta is right for you. then find out how to get lunesta for as low as $15 at there's a land of restful sleep, we can help you go there, on the wings of lunesta. investor. yeah, ibut i'm a busy guy.or it used to be easier but now there are more choices th ever. i want to know exactly what i am investing in. i want to know exactly how much i'm paying. i want to use the same stuff the big guys use. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. stuart: you're not happy with our debt or the state of the
10:02 am
economy. our leaders may offer soothing words, you are not buying it. the latest fox news poll shows 68% of you believe that that is an immediate problem. 85% of you want a balanced budget. the president doesn't want it don't for the sake of balance. and many are nervous about the state of the economy. in a minute we will bring what some think is the other side of the coin, improving housing market. let's see if the big picture of gloom is offset by your house. ♪ stuart: i have some numbers for you, the index a leading indicator for the month of february shows a gain of 0.5%. having no impact on the market whatsoever.
10:03 am
still down 48, 47 points as we have learned. up 0.8%, that is existing home sales up 0.8% in the month of february. up 11.6% year over year. is that a sign of real improvement in the housing market? 11.6% gain in the number of homes being sold, existing hom homes, that sounds pretty good to me. month over month gain of 0.8% looks solid. no impact on the market, the stock market, whatsoever. any comment, charles? anything there? charles: it is really not. stuart: housing is a bright spot, it is not going to lead us all to the promised land. charles: we are getting a little bit of movement.
10:04 am
stuart: i suspect realtors will be impressed with these numbers. liz: existing home sales are two-thirds of sales. this is when contracts are signed and closed, so that is an indication of going forward, the numbers could be getting better going forward. stuart: if you are a realtor you're going to want to sell homes. you are doing pretty well. charles: seeing how much these homes were going for. trying to spike the solutio thif people going out and spending money. last month they dropped, they have been dropping the last four or five months. the number of homes are higher but the median price has been dropping. i don't get it. that is a sign mostly this is professional investors, not the public. stuart: i think you're right, no change for the dow. existing home sales up 0.8.
10:05 am
no impact from these numbers on the stock market. let's go to nicole. you have been watching yahoo. what is happening and why? nicole: is a winner for yahoo certainly doing well there. still thinking about hom the hoe sales numbers and the highest level in three years. the amount of sales and the cost they are selling them for is inflated. raising the rating on the stock to outperform from perform and raised the target by $5. they have the assumption the ipo completed within the next year benefiting yahoo of course which has 24% stake in a chinese company. stuart: was not that long ago yahoo was down 13, 14 maybe. the dow is still down 50 points.
10:06 am
i think that is in part because of what is going on in cyprus. first of all the tiny nation now has four days to agree to a new plan to raise money to avoid bankruptcy and get the bankruptcy bailout. one of the things considered is this. nationalizing private pensions to fix the banking sector. fix the amount of money they have to come up with to get the european bailout. imagine that, nationalizing their pension fund? another update for you. cyprus will have to wind down its biggest banks. unless it agrees to some form of bank levy. a senior european official quoted on reuters moments ago. this man is saying if you don't reach into private bank accounts and take something out, if you do not agree to a bank seizure of some point, we will let you,
10:07 am
your banks totally collapsed and you will lose everything. charles: making him an offer you can't refuse. liz: germany is frustrated, the euro zone is frustrated. they have been active for two or three years. so what is more expensive for the taxpayer or the people of cyprus? letting the banking system collapse are doing this kind of seizure to their own money to pay for a bailout. stuart: angela merkel is saying we want some of the russian mob money in your banks, we want to take some of that. liz: the second-largest lender in cyprus will fail and may not have access to liquidity. stuart: i think the germans have had it, fed up. charles: she says i respect your vote, it is not sustainable. it would be 50% of gdp, significantly higher than any other country in europe.
10:08 am
just to put it in proper perspective. stuart: i think the euro is unraveling. how is this? tell us your weight or pay us a fine. the new policy from cvs where employees will have to tell the company their weight and other information like blood pressure and cholesterol or pay a fine. judge andrew napolitano. >> could not have made this one up if you tried. stuart: you tell us what you wait and your cholesterol and your blood pressure, or we will fine you. is that an invasion of privacy? >> it seems like an invasion of privacy, but under the law, it is not. as long it is genuinely useful.
10:09 am
it can obtain that information and use it to basically decide which employees going to get employed and stay there. stuart: that is not an invasion of privacy? >> no, it is not an invasion of privacy because cvs like news corp. is allowed to know about us would need to know to manage the business efficiently. the government could not do this to its employees. i must just a person would be fired, but the practical effect of this would be for people who work for cvs. stuart: forgive me, think you're wrong, practical effect of this is to force people out because they don't want to pay $600 fine.
10:10 am
>> people who will replace them are people who don't care if it is known because the body mass is a good number and thus are more slender. it is a discrimination that is permitted. the law prohibits discrimination on six or seven categories which we are generally familiar. age, race, gender, religion, etc. does not prohibit discrimination based on size. liz: so this is a private company and they are loud to do whatever they want. obesity is not in there in terms of discrimination. >> you're not going to want to hear this. a judge will be deciding what is obese. is it 5 pounds, 50 pounds, does obesity come under the americans with disabilities act. another federal statute that had decisions based on disability. this is enormously complex and
10:11 am
contract with the president said, far more expensive. stuart: it is not really complicated, this is a bunch of obamacare. the ever rising cost of health care insurance which is worn by employers through the employers, so they have to get the cost down and you employ healthy people. >> obamacare forces the employer to provide for those who haven't received it enforces the employer to pay for the benefit the employee may never, ever use like abortion. so all those things raise costs. the employer wants to cut the cost, have people who work here who either pay for the likely higher premiums because they're overweight or people who are not overweight. i thought the president said nothing would change.
10:12 am
did you hear anything sarcastic? she is no happier about this than we are. here we are 64 points down for dowd of industrial average, we have kb homes up. >> this is because kb homes came out with the numbers for the quarter, a jump in new orders for homes, that is good news for them. overall the reported a first-quarter loss, all good for kb homes, but it is the only name in the group doing well. there are all lower today. stuart: they all had a good week. they had a pretty good week.
10:13 am
nicole: would ever happen to the phone rang of judge andrew napolitano? but it is still available, it is an apt with the judge laughing vigorously. if you want it, i'm sure we can get it back. existing home sales, those numbers are out. we have the real estate lady. the big picture, existing home sales up 11.5% year over year. that sounds pretty solid to me, make your judgment. >> it is showing stabilization. they don't want down swings, we want stabilized housing. i think that is what we are going for.
10:14 am
i like foreclosures are still in the market bringing a balance. bringing a balance to all of those out there. talk about these investors coming and buying free enterprise and even though charles doesn't believe it, still lot of personal family home buyers. stuart: you bring examples of homes that have just sold or are for sale, and having a big price move. i think this is from phoenix, arizona, on sale now, i believe this is going $122,000. that is the one, 122 grand for that built in 2002? >> 1400 square feet, three bedrooms, two bath, upgraded with granite countertops, all new carpet and flooring, backyard is finished in this house, so this house is done and
10:15 am
ready to go. you can pick it up for 122,000, renting $1100 per month. stuart: how much did it sell for in 2004? >> 2004 at sold for $225,000. so we are still way low. stuart: so it has dropped 100 grand. house number two. i think this is fort lauderdale, florida. can you describe it and tell me what it is going for. >> this is a two bedroom, two bath, 1600-foot condo going for $495,000 on an intercoastal waterway in fort lauderdale. that is a steal, this is a great building. granite countertops and cherry cabinets and a large condo for the price. stuart: i thought the thing sold for $350,000 in 2003 so it has
10:16 am
gone up 145,000 since 2003 and it has been a steal? >> has been completely remodeled. a lot of times you will find stuff that is a lot older, but needs to be renovated. stuart: would love to see these houses because we all dream of buying something like this. thank you very much, indeed. thank you. the dow down 73, everybody. many of you are clearly worried about what is happening right now, worried it could have been over here. if that's correct, should you be worried? but first, here's what you missed if you did not join us at nine: 20. >> you have unemployment, lower wages, disastrous economy and a lot of it back to the debt today because of the printing of money.
10:17 am
[ male announcer ] how can power conmption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper avrage. twe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing.
10:18 am
stuart: 1 billion people visiting youtube every month, one out of every two people who have the internet. google stock $813 per share. oracle's share taking a hit, shares are now down 9.5%.
10:19 am
sources say boeing conducting test flights of the 787 dreamliner this weekend. regulators grounded the planes because of a faulty battery. lululemon expected to make that money after the shipment of the yoga pants. lululemon stabilizing. coming up next, charles telling you how to make some money. 90 seconds away, a pot of gold. thank you orville and wilbur... ...amelia... neil and buzz:
10:20 am
for teaching us that you can create the future... by clinging to the past. and with that: you're history. inead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it.
10:21 am
stuart: existing home sales up 10.2% after 11.6%, prices were up 11.6% year over year. let's go to charles, shall we? making money with a videoconferencing company. charles: every conference room in america has those conference call machines. i think this is an amazing value play because you can do it all on your cell phones. they have amazing innovation is, the way this is trending -@year-over-year sales are down big-time. fourth quarter was a turning point for the company, valuation low. i love the risk/reward, also
10:22 am
technically i think the stock will be off the races. maybe a video, it is amazing. we all know the thing that sits in our conference room we don't hardly use it that much. i am trying to make money. it seems to have caught up with respect to technology and i think the stock is very cheap. stuart: quickly to the big board. the big board down 90 points, some news in from cyprus, they don't have a deal to lend any money in the market is falling a little bit. down 92. there you have it. president obama making his first trip to israel holding a news conference this morning saying he is prepared to do what is necessary to stop a nuclear
10:23 am
iran. does that include backing a nuclear attack? john bolton coming to us this morning. i took the day off yesterday, met a lot of people who watch this program, clearly one news item had hit home. the proposal to seize private bank accounts in cyprus. many viewers are worried something similar could happen here. i don't think it will, but there's a new development today that will make you worry all over again. here's my take on the nationalization of private pension money in cyprus. that is the proposal being discussed right now in cyprus. an attempt to grab whatever private cash the government can get its hands on. go after pension money and they don't have to deal with the russian mob or all of those pesky deposit insurance rules
10:24 am
and this president, argentina did something similar a couple of years ago. massive unpayable debt is changing the understanding of what is yours and what is the government's. in extreme situations politicians are faced with a choice. go bankrupt and trashed the economy or seize private money to get a short reprieve from your lenders. for politicians that is a lousy choice but in cyprus, that is what it has come to. i still don't believe our government will come after your bank account or your pension. maybe i am being naive perhaps i was born and raised in britain, have too much faith and good in the state. but i also have great faith in the goodness and wisdom of the american people, i don't think you would let your government, our government steal your bank account or your pension. heaven help us if i am wrong.
10:25 am
[ lisa ] my name's lisa, and chantix helped me quit. i honestly loved smoking, and i honestly didn't think i would ever quit. [ male announcer ] along with support, chantix (varenicline) is proven to help people quit smoking. it reduces the urge to smoke. it put me at ease that you could smoke othe first week. [ male announcer ] some people had changes in behavior, thinking or mood, hostility, agitation, depresd mood and suicidal thoughts or actions while taking or after stopping chanti
10:26 am
if you notice any of these stop taking chantix and call your doctor right away. tell your doctor about any history of depression or otr mental health proems, which could get worse while taking chantix. don't take chantix if you've had a serious allergic or skin rction to it. if you develop these stop taking chantix and see your doctor right away as some can be life-threatening. tell your doctor if you have a history of heart or blood vessel problems, r if you develop new or worse symptoms.. get medical help right away if you have symptoms of a heart attack or stroke. use caution when driving or operating machinery. common side effects include nausea, trouble sleeping and unusual dreams. with chantix and with the support system it worked for me. [ male announcer ] ask your doctor if chantix is right for you. otherworldly things. but there are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. because planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away.
10:27 am
♪ you are gonna need a wingman. and my cash back keeps the party going. but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. with, it's easy to search hundreds of cards and apply online.
10:28 am
stuart: check the market, please. this is because cyprus does not look like it is going to get any money from the russians and euros on official is saying unless you dig into people's bank accounts we'r were going tt your country collapse.
10:29 am
not going down well in wall street. the clothing company guess is down. why? nicole: it turns out the sales were okay. it was the cost they have been facing that made them miss their numbers and as a result cut their price target $27, they also cut the quarterly outlook and full-year numbers. the stock to the downside, it has the hottest ad adds. stuart: let's get really serious now. iran the top issue in president obama's trip to israel held a news conference, says they are planned to do what is necessary to stop a nuclear iran. does that include backing a
10:30 am
nuclear attack? ambassador john bolton is here. do you think over the next three and a half years the president has left in office that we or the israelis will attack iran? speak i think there's almost no chance obama administration will attack iran. i don't think we will help the israelis, they will not ask our permission if they decide to do with. they did not ask permission when they destroyed the north korean reactor. the president has done everything he can in his first term to pressure israel not take military action. i think he is content to do that in this visit. i don't think he will show any visit on that. my guess would be yes, unless the u.s. pressure is too great. they have struck programs in the hands of states, iraq in 1991 and i don't think i want a group of religious fanatics possessing
10:31 am
nuclear weapons. stuart: do you think is what is saying right now, don't do it? if you do it, we will take it out on you? >> in the first few years he has said israel if you attack iran's nuclear program, we will not resupply the planes of the things you lose in the course of that attack and that is a serious threat because i ran to tell you she hezbollah from lebanon. they need protection against them. i don't think obama can sustain that, congress will come to israel's support but there could be a window of vulnerability that makes it very difficult situation even more difficult. stuart: is that a big enough threat for the israelis not to do what they want to do? >> the israelis want the united states to do it. because we would do a much better job.
10:32 am
when it comes down to it, it never depend on anybody else to defend them. stuart: need your comment on this, jordan's king, beware the muslim brotherhood, they are a wolf in sheep's clothing. >> that is what he has said for years. he is a target of the muslim motherhood. stuart: thing we should give the money to the egyptians? >> we are playing a power game inside of egypt. stuart: ambassador john bolton, thank you. $16.7 billion rising our national debt. debt. i was out of control, but it is an immediate threat, immediate problem. i asked that question to a top journalist at the "wall street journal." next.
10:33 am
10:34 am
day is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? let's go ahead and bring it online. attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines are now powering some of america's biggest cities. siemens. answers.
10:35 am
10:36 am
♪ (train horn) vo: wherever our trains go, the economy comes to life. vonorfolk southern.ains go, one line, infinite possibilities. stuart: defrocking debate continues and others from new york state. 46% of new york voters oppose fracking. 34% in favor. upstate, far more in favor of fracking and those voters in new york city. wouldn't you know it. i will give you my take on this at the top of the hour.
10:37 am
68% of voters say it is an immediate problem. dan henniker from the "wall street journal" is here. why do people worry about the debt? the president says it is not a problem immediately. >> people worry about the debt because what they feel most of all is the united states have had such low economic growth the last four years, has only been 2% at best coming out of the recession should have been much stronger than that. that is just a number, but out there in the country people do have a sense, they know what the economy isn't growing that well. we have had a lot of unemployment. and then there is the long-term unemployment, which is important for jobs. you know people, you have relatives who have been looking for jobs and there should be more dynamism in the economy then there is right now.
10:38 am
a strong economy has a lot of action going on, people starting new businesses, getting hired, talking about the economy. that is not happening right now. stuart: middle america senses something is wrong, we have spent a ton of money, deeper in debt. >> the other thing they understand is you have this anomaly. the stock market is hitting record, yet the average person thinks they have money in a 401(k), that is great. but the other thing is they invest in a cd. there is nowhere to do normal savings right now because saving rates are close to zero. all this money being forced into the stock market, people are worried about how real those numbers are. stuart: you're very much in touch with the political reaction going on in the economy. but there is no political reaction to middle america about what is going on here.
10:39 am
president obama is still relatively popular, his policies are still relatively popular. >> his handling of the economy have dropped precipitously. he is now basically dead even with the republicans handling of the economy, so i think the president should be more worried about it than he is. republican paul ryan just introduced his budget which tries to balance the budget, this gathered a lot of support within republican ranks. the idea within 10 years you would balance the budget, that sort of feeding off the popular sense something has to be done here. stuart: do you think we will have a debt crisis? rapidly rising interest rates, falling value of the dollar, do you think we get that into relatively near future, a crisis? >> if it stays at 2% or little
10:40 am
bit below that the next couple of years, i think you have to start worrying about a debt crisis because anything that can get us underneath this debt is strong economic growth and it just isn't happening. stuart: always a pleasure, thank you very much, sir. our next guest calls itself the martha stuart of medical marijuana. all legal. i want to know how she is making money on this. she will join me next. ♪ [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-seco stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ]
10:41 am'll bust your brain box. ♪ all onhinkorswim from td ameritrade. ♪
10:42 am
stuart: gas prices held steady overnight to a very high level. the new normal for regular? now the price of oil, down $0.88, $92 per barrel now. 3.54% down just a tad from last week. existing home sales numbers up 10.2% over the past year the best level in three years. the president picked indiana to win it all as the ncaa tournament kicks off in an hour and a half. if you filled out a bracket, you have a one i small chance of wig
10:43 am
it. next, the martha stuart of marijuana. she will be after this. [ shapiro ] at legalzoom, you can take care of virtually
10:44 am
all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at we put the law on your side. stuart: breaking news, the house just voted to approve the paul ryan budget, goes to the senate where doesn't have a prayer of going anywhere. they don't say the house will probably approve a continuing resolution which would keep the government running and open until september.
10:45 am
liz: i think the american people are really tired of it. go do your day job and pass a budget and get your fiscal house in order. stuart: we will do it again today. charles, we will make money with a company i have been to know. charles: you know this one pretty well. stuart: i do. charles: you were not there when i started the company? stuart: get on with it. charles: it is an amazing thing. not the sexiest areas in the world, but two of the hottest growing, the numbers have been phenomenal, a new facility down in brazil taking in the latin america market. the margins on food services like cooking, ice cube machines. these are industrial slate mcdonald's. absolutely huge. stuart: they make gigantic
10:46 am
cranes and then food equipment. charles: that started in world war ii, but it worked out well for them, on the cusp of a major breakout. it has made a big move recently over the last year or so, but it was $50. stuart: that is when i knew the company. charles: this is a 401(k) stock. stuart: manitowoc. simple mtw. dubbed the martha stuart of marijuana, the founder and executive director of the exclusive beverly hills cannabis club. high-end, 100% legal delivery service. welcome to the show. you are an opportunist. you gave yourself the name the martha stuart of marijuana. >> that is absolutely correct. stuart: what is this about a
10:47 am
delivery service, high-grade marijuana in beverly hills? is that what you are doing? >> i do a lot more than that. pleasure to be here, i love the "varney & company." i am an activist, i'm the ceo of the corporation, i work with a lot of publicly traded companies on the stock market. i am a branding expert in one of the reasons i work so hard at being there promoting my own company and the brands i work it i am the only branding expert in the industry in the first time the reporter did an interview with me and asked me what my company did, i explained to them at that time we had "kush" magazine. i built that magazine from 150,000 growth in less than 18 months. what this industry is poorly lacking is the use of properly running themselves.
10:48 am
stuart: you are a branding expert and putting yourself out there, a name and a face at the high-end of high-grade marijuana. is it just the dispensaries or the delivery? you are branding high-end stuff, right? >> that is correct. i lived in dublin hills for 25 years read and then i was diagnosed with cancer. not only through chemo and radiation, but through prohibiting the further growth of tumors. in my work previously i was a branding expert and product placement expert in television. when i came back into los angeles at the hospital a lot of my celebrity clients and high-profile clients and even my agency asked me.
10:49 am
stuart: i know what you're done, i know where you're coming from. what does your company sell? >> my company sells services. we provide services to the entire community. stuart: we're talking about high-end, high-grade cannabis. what is the price? >> our clients, the way we work is we have a garden so everybody goes into the garden, we set up the entire garden. stuart: what is the price? >> you are so funny, doesn't work that way. stuart: if i am buying high-end marijuana, i need to know the price. >> we have a gardening model. visit the attorney general guidelines and utility of the cost of the garden for the entire year and divided up between the 30 people who have the garden that ends up being
10:50 am
about $5000 per year. stuart: what do i get for that? >> on average it would come to you at about $20 per eighth, about one third of what a high-end collective would charge. stuart: $20 for an eighth of an ounce, doing the math, that is fairly cheap if that is high-end stuff, and you do the marketing for this beverly hills collective, that is what you do. >> i am the executive director at the beverly hills cannabis club, with the implementation of recreational use and the ability to have tourism. stuart: i appreciate you being on the show because i'm interested in entrepreneurs getting in a very new and legal business. come back and we will have a little bit more time. thank you very much.
10:51 am
>> thank you for having me. stuart: the house has approved the bill that will keep the government running. the house has approved that. i call this can taking. you can call it what you want. but it will keep the government running through september, no government shutdown, no running out of money until september 30. we will keep on running as we are now. no impact on the stock market, the dow down 71 points. cyprus is a big factor for stock and factors com investors. another solar company getting closer to going broke. how much of your money may have been wasted after this. [ male announcer ] you are a business pro.
10:52 am
omnipotent of opportunity. you know how to mix business... with business. and from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ male announcer ] yes, you could busiss pro. yes, you could. go national. go like a pro.
10:53 am
10:54 am
10:55 am
stuart: another solar startup that could be in deep trouble months after opening its doors the first place. solar powered in-line for taxpayer loans dipped into the money it is i but is in line tot it. cutting the workforce and restructuring. the taxpayer backed solopower would create hundreds of jobs for the first production i never got up and running and other top executives are gone.
10:56 am
liz: it is another notch in the belt of the politicians who think they are better venture capitalists and the guys in capitasilicon valley. what i want to know is what is the department of energy benchmarks fo using taxpayer moy and guarantees? we ought to know. stuart: they have $197 million worth of loans they could dip into, but they did not dip into yet but they have dipped into $58 million worth of loans from the state of oregon so they are taking taxpayer money. charles: every time the president talked about this, he talked about the urgency because of the race we are in with china. here is china's new president, his first international visit to russia. why? to finish this pipeline. they left their biggest solar company to file bankruptcy. they're going to give them
10:57 am
68 billion cubic meters of gas every year for 30 years, they are nailing it down. china is building solar panels. the whole thing is a lie. stuart: the largest solar panel company in the world today in bankruptcy. charles: the first trip they went on was to secure a pipeline for natural gas. think about that. stuart: the "highlight reel" is next . but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason are choosing fidelity. now get 200 free trades when you open an account.
10:58 am
very logical thinker. (laughs) i'm telling you right now, the girl back at home would absolutely not have taken a zip line in the jungle. (screams) i'm reallylad that girl stayed at home. vo: expedia helps 30 million travelers a month find what they're looking for. one traveler at a time. expedia. find yours.
10:59 am
stuart: earlier today the dow was down close to 100 points. now we are down 70 points. my opinion, it is cyprus. it does not look like the russians are going to give cyprus any money. unless you go after private bank account, we will let you collapse. there is a debate at this moment suggesting the nationalization

Varney Company
FOX Business March 21, 2013 9:20am-11:00am EDT

News/Business. Wall Street news. New.

TOPIC FREQUENCY Cyprus 29, Us 18, Oracle 5, Israel 5, Cisco 4, Iran 4, Ben Bernanke 4, Boeing 4, Martha Stuart 4, America 4, Angela Merkel 4, China 4, John Bolton 3, Nicole 3, Sandy 3, Siemens 3, Andrew Napolitano 3, Lifelock 3, Washington 3, Mankind 3
Network FOX Business
Duration 01:40:00
Scanned in San Francisco, CA, USA
Source Comcast Cable
Tuner Virtual Ch. 130 (Fox Business)
Video Codec mpeg2video
Audio Cocec ac3
Pixel width 704
Pixel height 480
Sponsor Internet Archive
Audio/Visual sound, color

disc Borrow a DVD of this show
info Stream Only
Uploaded by
TV Archive
on 3/21/2013